# Demographics → Cross-Border Diversification

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| B1: Z → gross_assets/GDP | gross_assets_gdp | 5,296 | 177 | 0.020 |
| B2: Z → portfolio_assets/GDP | portfolio_assets_gdp | 5,275 | 177 | 0.015 |
| B3: Z → diversification | diversification | 5,296 | 177 | 0.020 |
| B4: OECD Z → gross_assets | gross_assets_gdp | 1,161 | 37 | 0.045 |
| B5: non-OECD Z → gross_assets | gross_assets_gdp | 4,135 | 140 | 0.026 |
| B6: age ratios → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.006 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| B1: Z → gross_assets/GDP | Z_1 | -1396.6686 | 591.5035 | 0.0183 | ** |
| B1: Z → gross_assets/GDP | Z_2 | 236.1027 | 88.3718 | 0.0076 | *** |
| B1: Z → gross_assets/GDP | Z_3 | -10.0611 | 3.6423 | 0.0058 | *** |
| B2: Z → portfolio_assets/GDP | Z_1 | -1334.2164 | 375.0065 | 0.0004 | *** |
| B2: Z → portfolio_assets/GDP | Z_2 | 215.3063 | 56.0148 | 0.0001 | *** |
| B2: Z → portfolio_assets/GDP | Z_3 | -8.9935 | 2.3084 | 0.0001 | *** |
| B3: Z → diversification | Z_1 | -1396.6686 | 591.5035 | 0.0183 | ** |
| B3: Z → diversification | Z_2 | 236.1027 | 88.3718 | 0.0076 | *** |
| B3: Z → diversification | Z_3 | -10.0611 | 3.6423 | 0.0058 | *** |
| B4: OECD Z → gross_assets | Z_1 | -967.6421 | 618.7742 | 0.1181 |  |
| B4: OECD Z → gross_assets | Z_2 | 128.9238 | 84.4257 | 0.1270 |  |
| B4: OECD Z → gross_assets | Z_3 | -4.5286 | 3.2370 | 0.1621 |  |
| B5: non-OECD Z → gross_assets | Z_1 | -1498.1632 | 708.0037 | 0.0344 | ** |
| B5: non-OECD Z → gross_assets | Z_2 | 258.2752 | 106.8873 | 0.0157 | ** |
| B5: non-OECD Z → gross_assets | Z_3 | -11.1155 | 4.4598 | 0.0127 | ** |
| B6: age ratios → gross_assets | old_dep | 768.3444 | 486.7271 | 0.1145 |  |
| B6: age ratios → gross_assets | youth_dep | -98.4899 | 150.0731 | 0.5117 |  |

*Controls: rgdp_growth, fiscal_bal_gdp, kaopen*